Reference no: EM133205885

Case Study 

Mike: The Employee to Businessman

Mike was in paid employment earning a good salary. In an effort to advance his career he changed jobs but the company he went to work for never fulfilled its promises and he was eventually made redundant whilst he was on holiday.

Although this was a very stressful time for Mike he decided to set up in business for himself, initially in sales. However the companies to whom he contracted did not pay on time and he found himself without a regular income with the bills piling up.

Mike changed his business strategy and his business began to go from strength to strength. However, even though the business was now successful he was still unable to repay his credit commitment from the income he earned.

PayPlan's Insolvency Practitioners arranged a monthly repayment plan by way of an IVA or individual voluntary arrangement. This allows him to make payments which he can afford and crucially, allows flexibility for quiet trading periods.

I. Introduction

II. Identify the problem

III. Think about underlying causes of the problem

IV. Make an outline

V. Examine cause-and-effect relations

VI. Formulate possible solutions to the problem